tag:blogger.com,1999:blog-6318055043707993918.post6138564986275826087..comments2017-12-09T05:53:24.721-05:00Comments on THE WANDERING TAX PRO: SO WHAT DO YOU THINK – A NATIONAL SALES TAX?Robert D Flachhttp://www.blogger.com/profile/06034127763662917220noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6318055043707993918.post-25351687827747157412009-11-10T20:43:22.887-05:002009-11-10T20:43:22.887-05:00Good concept, lousy plan! All 50 governors, throu...Good concept, lousy plan! All 50 governors, through the National Governors Association, are opposed to any kind of national sales tax.<br /><br />In addition, here are a few other flaws in the plan: <br /><br />(1) Federal taxation of State and Local spending is inappropriate if not unconstitutional under our republican form of government!<br /><br />(2) Seniors get treated unfairly by double taxing their savings when spent and forcing them to resume paying for their SS pensions<br />with their sales tax dollars.<br /><br />(3) The Family Consumption <br />Allowance is actually a huge cash grant entitlement at a time when entitlements are squeezing out discretionary spending in the federal budget.<br /><br />(4) The inventory tax credit would add $600 billion to the budget deficit in the first year of implementation.<br /><br />(5) The &quot;cold turkey&quot; implementation would place the entire economy at risk. No other nation has successfully funded their central government with na sales tax.<br /><br />(6) Retail prices will rise by 15%-20%.Dutchman3https://www.blogger.com/profile/04598625693698270641noreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-67545964210592159432009-11-10T13:03:51.828-05:002009-11-10T13:03:51.828-05:00This particular bill is horrible not only because ...This particular bill is horrible not only because of the registration and &quot;pre-bates&quot; but the tax rate of greater than 30% (the 23% rate includes the sales tax) that applies to *everything*. Could you imagine the uproar if someone tried to slap a 30% sales tax on a house? <br /><br />I&#39;m not a huge fan of the sales tax in general because of the enormous rate that would need to be applied. On top of that, the sales tax would not be applied to everything for long. The powerful lobbies would riddle holes in the sales tax just like the income tax and the rate would have to shoot upwards every time. <br /><br />I&#39;d much prefer scrapping the individual tax code and implementing an income tax with a high standard deduction and few itemizers. Something akin to the current AMT for individuals and that could certainly be used as a model. <br /><br />For businesses, changing the tax to be a tax on book profits earned in the US would be a great way to simplify the code. Take book profits and multiply by a tax rate. You&#39;re done. <br /><br />Of course, if that happens I&#39;m out of a job. I&#39;m not heading back to school yet.Kirkhttp://www.twitter.com/onemotleyfoolnoreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-42762842286640778482009-11-10T12:33:24.273-05:002009-11-10T12:33:24.273-05:00I have thought about this and read about this. The...I have thought about this and read about this. The concept is sound enough but lacks discipline. The “underground economy” as you put it would only thrive in a situation like this. To keep that going it would seem to this tax preparer that crime would escalate, thus causing insurance rates to sore, in turn causing the cost of goods to sore out of control.<br /><br />People spend their paychecks before they get them is a proportional way of survival. Doesn’t make it a good thing or a bad thing, it is just a way of life for some. So using this as a means to “teach” our neighbors to save and invest is a lot like a story I read written by George Orwell titled 1984. Frankly if that happens, I’d find myself in the situation of Winston Smith.<br /><br />Over all the idea is a sound one but, in this world I find it to be unrealistic. Namely, look at all the people who would become unemployed, No IRS. . . Then there is the problem of what would our politicians do, if there was a tax so simple as this?Brucehttp://www.themotaxguy.comnoreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-59861958218602193442009-11-10T09:57:42.044-05:002009-11-10T09:57:42.044-05:00I completely agree with this idea. I heard of it a...I completely agree with this idea. I heard of it a long time ago and always agreed on it. Not only does it encourage people to save and invest, it also recuperates tax revenue from people who work under the table or get their money illegally. Those two facts alone make this a very good backbone idea. Quite honestly, this country needs something that will give them a good reason to save money, because right now the majority spend their paychecks before they even get them.Tonyhttp://soaar.netnoreply@blogger.com